Prince Abdulaziz Bin Salman Al Saud and Alexander Novak at the beginning of an Opec and non-Opec meeting in Vienna on Friday. Reuters
Opec and its oil-producing allies shifted on Monday towards extending their daily output caps, sending oil prices racing higher before the outcome of the group’s official gathering.
Opec said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals including US shale producers slows, pointing to a tighter market if the exporter group refrains from raising output. But the Organization of the Petroleum Exporting Countries,
Opec and its allies agreed on Thursday to keep current production cuts until further review in December, with the Kingdom of Saudi Arabia pledging to further strengthen its voluntary production adjustment to 9.890 million bpd in October.
Dubai Land Department (DLD) is to enhance and consolidate its relationship with its partners. Aiming to strengthen its relationship with the partners and to appreciate their roles, DLD organised the annual forum to honour the various partners
Sanad Powertech, a wholly-owned subsidiary of Mubadala Investment Company, has been awarded a contract for the maintenance, repair and overhaul (MRO) operations of the steam engine and power generator of Shams Power Company,
Southwest Airlines is extending cancellations of Boeing Co 737 MAX flights until June 6, citing the planemaker’s decision to recommend pilot simulator training before resuming flights and uncertainty about when regulators will approve their return to service.
The US housing market recovery was back on track amid low mortgage rates. The US homebuilding surged to a 13-year high in December as activity increased across the board and this could help support the longest economic expansion on record.